Sanusi’s devaluation chalice

To former Central Bank of Nigeria (CBN) governor and Emir of Kano Muhammad Sanusi II, devaluation, removal of subsidy and extension of of forex ban to other sectors will get Nigeria’s economy out of the woods fast. But, OLAWALE OSUN, a one-time Chief Whip of the House of Representatives, feels otherwise. He says rebuilding institutions that could revitalise local economy by President Muhammadu Buhari will work better.

It is not often, at least in Nigeria, that you have a monarch that can pass for a youth, and in the real sense of it, be described as a real and tested technocrat. Some of the technocrats that preceeded Emir of Kano Muhammad Sanusi II to the throne, including the Oba of Benin, Omon’Oba n’Edo, Erediuwa Uku Akpolokpolo and the Owaloko of Iloko Ijesha, Oba Oladele Olashore, were already eluded by middle age when they climbed the throne of their forefathers. Sanusi Lamido Sanusi – as he was formerly known – is however luckier, at barely 52, he became the Emir. He was also just completing his tenure as Central Bank of Nigeria (CBN) Governor at the time

But, that is not all. Sanusi is bold and authoritative in his field of specialisation. Who would not be, if he holds a degree in his field and not one of those honourary plaques that has become a big industry in the country, and he is also a prince of the illustrious Kano Emirate? Above all, he will count on the friendship of some of the topmost political and economic elite across the land.

Penultimate Thursday, while receiving a Life Time achievement award in Lagos, he made three profound statements worthy of evaluation. First, incoming ministers and presidential aides should have the courage to tell the President the truth and should not be courtiers as their predecessors in office were to respective presidents who appointed them. Much more profound however, he sought to put himself in the shoes of the ministers, and since a friend is not supposed to “tell the government what it wants to hear”, implored the government not to continue with the fuel subsidy and not to “continue to pretend that you can keep the naira at a certain level”. In other words, the naira must be devalued by the President Muhammadu Buhari administration.

It is some cold comfort for a neo-liberalist or described more appropriately, a neo-classical economist, donned in the regal garb of an Emir to suggest that he could ever be a friend of a government that seeks to make the welfare of the ordinary masses of this country the primal interest of governance. Of course, I concur with the prescription that the ministers and the President’s aides should endeavour to be bold and not be ordinary courtiers in the process of discharging their duties.

The advice may have been needful, needful if the character and content of the President were to be in any way similar to that of his predecessors. First, President Buhari has one main mantra that Nigerians hold him to – that of incorruptibility. Nigerians, seriously hold the belief about him, that he is not corrupt, and that he will police corruption quite effectively. These are two core beliefs. Abacha (the former head of state) was as corrupt as any symbol or master of corruption could be. Yet, he policed corruption and personally watched over his ministers, deriding them as common thieves, once any of them is caught. Literally, he did all the stealing himself.

Conversely, the public may now have reasons to believe that heads of other governments democratised corruption despite the noises, and they are many, made by the respective presidents, be they civil or military.

President Buhari, however, has the clear distinction of being perceived differently. He is perceived as incorruptible, able and capable of holding his aides to account. Here then is the crux of my argument that in this particular respect, Sanusi’s advice might not have been needful.

In successive governments, the heads are most probably aware and the public is usually in the know of who the corrupt elements in government are. The reason the ministers and aides are more of mere courtiers is known as well. The minister is aware that his boss knows or has security briefings of his corruption or misdeeds. The aide should expect this unless he chooses to deceive himself. It is for this reason that he hardly can look his boss straight in the face.